Commonwealth act

New Business Tax System (Over-franking Tax) Act 2002

In ForceCTH

Jurisdiction

Commonwealth

Act Number

49 of 2002

Collection

act

Plain English Summary

4/10 complexity

This Act imposes an “over‑franking tax” and ties its definition and calculation to specified paragraphs of the Income Tax Assessment Act 1997 (s3, s5). It commences on Royal Assent and formally imposes the tax (s2–s4).

It affects companies, shareholders and other taxpayers who generate or claim franking credits by making excess franking amounts taxable; those taxpayers must calculate the payable amount under ITAA 1997 para 203‑50(2)(a), creating a measurable compliance and record‑keeping obligation (s5).

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Current sections

Direct links to the current provisions in New Business Tax System (Over-franking Tax) Act 2002.

New Business Tax System (Over-franking Tax) Act 2002

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View image in the official source

New Business Tax System (Over‑franking Tax) Act 2002

No. 49, 2002

An Act to impose over‑franking tax, and for related purposes

Contents

1 Short title...................................

2 Commencement...............................

3 Definition...................................

4 Imposition..................................

5 Amount of over‑franking tax..................

View image in the official source

New Business Tax System (Over‑franking Tax) Act 2002

No. 49, 2002

An Act to impose over‑franking tax, and for related purposes

[Assented to 29 June 2002]

The Parliament of Australia enacts:

1 Short title

This Act may be cited as the New Business Tax System (Over‑franking Tax) Act 2002.

2 Commencement

This Act commences on the day on which it receives the Royal Assent.

3 Definition

In this Act:

over‑franking tax means over‑franking tax payable under paragraph 203‑50(1)(a) of the Income Tax Assessment Act 1997.

4 Imposition

Over‑franking tax is imposed.

5 Amount of over‑franking tax

The amount of the tax imposed by this Act is equal to the amount worked out under paragraph 203‑50(2)(a) of the Income Tax Assessment Act 1997.

[Minister’s second reading speech made in—

House of Representatives on 30 May 2002

Senate on 19 June 2002]

(121/02)

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

meta-content-style-type: text/css meta-content-type: application/xhtml+xml; charset=utf-8

?xml version="1.0" encoding="utf-8" standalone="no"?>

New Business Tax System (Over‑franking Tax) Act 2002

No. 49, 2002

An Act to impose over‑franking tax, and for related purposes

Contents

1 Short title...................................

2 Commencement...............................

3 Definition...................................

4 Imposition..................................

5 Amount of over‑franking tax..................

New Business Tax System (Over‑franking Tax) Act 2002

No. 49, 2002

An Act to impose over‑franking tax, and for related purposes

[Assented to 29 June 2002]

The Parliament of Australia enacts:

1 Short title

This Act may be cited as the New Business Tax System (Over‑franking Tax) Act 2002.

2 Commencement

This Act commences on the day on which it receives the Royal Assent.

3 Definition

In this Act:

over‑franking tax means over‑franking tax payable under paragraph 203‑50(1)(a) of the Income Tax Assessment Act 1997.

4 Imposition

Over‑franking tax is imposed.

5 Amount of over‑franking tax

The amount of the tax imposed by this Act is equal to the amount worked out under paragraph 203‑50(2)(a) of the Income Tax Assessment Act 1997.

[Minister’s second reading speech made in—

House of Representatives on 30 May 2002

Senate on 19 June 2002]

(121/02)

Read the source document